BANGALORE : Former Infosys top executives T V Mohandas Pai, V Balakrishnan and D N Prahlad have asked the country’s second largest software services firm to buy back shares worth Rs 11,200 crore, saying it will help check the “asymmetry of information” between management and investors, reports PTI.
In a letter to Infosys Board, the three former executives said there is a need “to announce a large and consistent buyback programme to show confidence in the management and the business model.
While both Pai and Balakrishnan have served as Chief Financial Officers at Infosys in the past, Prahlad was a Senior Vice President at the Bangalore-based firm.
The trio want the buyback at the 52-week high price of Rs 3,850 per share. They also want Infosys announcing an ongoing buyback programme to the extent of 40 per cent of the previous year’s net profits on a consistent basis.
Infosys shares today gained 1.20 per cent to close the day at Rs 3,504.25.
“With the management exuding confidence and the Infosys’ share price still depressed, there is a need for the Board to announce a large and consistent buyback programme to show confidence in the management and the business model, going forward,” it added.
